This invention relates to a data processing framework for financial services that supports the automated development and delivery of financial service products to a plurality of customers.
Insurance and most financial services are generally delivered in a manner that is very cumbersome. A system that would enable financial service firms to provide financial “products” like insurance, derivatives, foreign exchange, capital and credit tailored to the specific situation on a “just-in-time” would clearly be beneficial.
One of the biggest problems with achieving this goal has been that there has been no agreed upon method for analyzing risk, liquidity and foreign exchange requirements and for communicating that information to financial service firms. It is worth noting at this point that while XML is widely touted as a panacea for inter-firm communication it is only useful in establishing the language for the communication—not the substance of what is being communicated. To satisfy all the potential providers of financial services, the substance of the communication regarding risk, liquidity and foreign exchange requirements would have to overcome the limitations of traditional systems and xml.
In light of the preceding discussion, it is clear that it would be desirable to have an automated, real time system that could identify the full spectrum of risk transfer (and liquidity) needs for an security portfolio in a way that that would allow financial service firms to provide “just in time” and/or real time financial products and services in a manner that is customized to the exact needs of the customers using the system.